LONDON (LONDN) – Private equity firm Cinven’s [CINV.UL] purchase of French medical diagnostics business Sebia is being financed with a 340 million euro loan provided by BNP Paribas, Citigroup and Commerzbank, the banks said on Wednesday.Cinven bought the business for around 800 million euros in mid-March from Montagu Private Equity using equity to finance the deal initially.
The private equity firm then asked banks to bid for the debt financing to secure more competitive terms. The all-senior financing package will comprise senior term faciltiies and a revolving credit, the banks said.
The loan will be launched to a wider syndication shortly at a bank meeting in Paris.
(Reporting by Tessa Walsh; editing by Elaine Hardcastle)